PULAGAM SANKAR REDDY,GUNTUR vs. INCOME TAX OFFICER, WARD-1(1), GUNTUR

ITA 1/VIZ/2026Status: DisposedITAT Visakhapatnam21 August 2026AY 2017-188 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the explanation provided by the assessee for the cash deposits was insufficient due to the timing of the deposit and the related party nature of the transaction. However, it directed that the tax on the addition should be charged at 30% as per the provisions of Section 115BBE for the relevant assessment year.

What were the facts?

The assessee deposited Rs. 10,22,756 in cash into a bank loan account during the demonetization period. The assessee claimed this cash was received from a partnership firm in which he is a partner, for the sale of chillies.

What were the issues?

Whether the cash deposits were unexplained and thus liable for addition under Section 69A, and what is the applicable rate of tax under Section 115BBE for the assessment year.

Which sections of the Income-tax Act were involved?

Section 69A,Section 115BBE,Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI VIJAY PAL RAO, HON’BLE & SHRI MANJUNATHA G, HON’BLE

PER MANJUNATHA G, AM: This appeal is filed by the Assessee against the order of Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [hereinafter in short “Ld.CIT(A)”] vide DIN: ITBA/NFAC/S/250/2025-26/1082446806(1) dated 10-Nov-2025 for the Assessment Year 2017-18. ITA 1/VIZ/2026 PULAGAM SANKAR REDDY

2.

The Assess

The order continues below.

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